US Oil Production Falls to Lowest Point Since 2018

Crude oil stockpiles in the U.S. rise to record high as imports from Saudi Arabia remain elevated.

Derek Brower, Financial Times
US Oil Production Falls to Lowest Point Since 2018

U.S. refineries consumed more crude oil last week, but still about a fifth less than a year ago, according to the EIA. (Source: Hart Energy; Shutterstock.com)

U.S. crude oil production hit its lowest point in more than two years last week, while stockpiles rose to a record high, showing the oil sector remains in the grip of a historic glut despite the easing of virus lockdowns and federal efforts to spark an economic recovery.

Production dropped 600,000 bbl/d to 10.5 million, the lowest since March 2018, according to the federal Energy Information Administration (EIA). Commercial crude stocks were at a record, rising to more than 539 million barrels.

U.S. oil production hit a record high of more than 13 million bbl/d in March, just before oil prices plunged.

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